Common use of CAPITAL PLAN Clause in Contracts

CAPITAL PLAN. (1) Within sixty (60) days of the date of this Agreement, the Board shall develop and implement an effective internal capital planning process to assess the Bank’s capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levels. The capital planning process shall be consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning and Adequacy) (June 7, 2012), and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently if requested by the Assistant Deputy Comptroller in writing. (2) Within ninety (90) days of the date of this Agreement, the Board shall forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph four (4) of this Article, a written Capital Plan for the Bank covering at least a two-year period. Except as provided in paragraph three (3) of this Article, the written Capital Plan shall, at a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks; (c) determine the Bank’s capital needs in relation to material risks and strategic direction; (d) identify and establish a strategy to strengthen capital if necessary and establish a contingency or back-up capital plan commensurate with the Bank’s overall risk and complexity; (e) include detailed quarterly financial projections; and (f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank’s capital. (3) If the Bank’s written Capital Plan outlines a merger of the Bank, the written Capital Plan shall only address the steps that will be taken and the associated timeline to ensure that within ninety (90) days after the receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the written Capital Plan, a definitive agreement for the merger is executed. (4) Prior to adoption by the Board, a copy of the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s written Capital Plan at least annually and more frequently if required by the Comptroller in writing. Revisions to the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen (15) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection, the Board shall adopt and the Bank (subject to Board review and ongoing monitoring) shall implement and thereafter ensure adherence to the written Capital Plan and any amendments or revisions thereto. (5) At least monthly, the Board shall review detailed financial reports, budget comparisons, and earnings analyses that evaluate the Bank’s performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies. (6) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the written Capital Plan, which shall include a description of the actions the Board will require the Bank to take to address any deficiencies. The Board’s monthly reviews and preparation of the quarterly written evaluations shall be documented in the Board meeting minutes. (7) The Board shall forward a copy of these monthly reviews and quarterly written evaluations and Board meeting minutes to the Assistant Deputy Comptroller within ten (10) days of completion of the quarterly written evaluations. (8) The Board shall submit to the Assistant Deputy Comptroller annual comprehensive budgets for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.

CAPITAL PLAN. (1) Within sixty thirty (6030) days of the date of this Agreement, the Board shall develop and adopt, and the Bank, subject to Board review and ongoing monitoring, shall implement and thereafter adhere to an effective internal capital planning process to assess the Bank’s 's capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levels. The capital planning process shall be consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning and AdequacyPlanning) (June 7, 2012), and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently if requested by the Assistant Deputy Comptroller in writing. (2) Within ninety (90) days of the date of this Agreement, the Board shall prepare and forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph four three (43) of this Article, a written Capital Plan for the Bank Bank, consistent with the Strategic Plan pursuant to Article IV, covering at least a twothree-year period. Except as provided in paragraph three (3) of this Article, the The written Capital Plan shallshall address all corrective actions related to capital planning and the Bank's capital plan as identified in the most recent ROE and, at ▇▇ a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks; (c) determine the Bank’s 's capital needs in relation to material risks and strategic directiondirection consistent with the Strategic Plan pursuant to Article IV; (d) identify and establish a strategy to strengthen capital if necessary and establish a contingency or back-up capital plan commensurate with the Bank’s 's overall risk and complexity; (e) include detailed quarterly financial projections; and (f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank’s 's capital. (3) If the Bank’s written Capital Plan outlines a merger of the Bank, the written Capital Plan shall only address the steps that will be taken and the associated timeline to ensure that within ninety (90) days after the receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the written Capital Plan, a definitive agreement for the merger is executed. (4) Prior to adoption by the Board, a copy of the Bank’s 's written Capital Plan Plan, and any subsequent amendments, revisions, or updates, shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s 's written Capital Plan Plan, at least annually and more frequently if required by the Assistant Deputy Comptroller in writing, to cover the next three-year period. Revisions Subsequent amendments or revisions to the Bank’s 's written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen (15) days following receipt of the Assistant Deputy Comptroller’s 's written determination of no supervisory objection, the Board shall adopt and the Bank (Bank, subject to Board review and ongoing monitoring) , shall implement and thereafter ensure adherence adhere to the written Capital Plan and any amendments or revisions thereto. (54) At least monthlyquarterly, the Board shall shall: (a) review detailed financial reports, budget comparisons, reports and earnings analyses that evaluate the Bank’s 's performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s 's written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and and/or nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies.; and (6b) At least quarterly, the Board shall prepare a written evaluation of the Bank’s 's performance against the written Capital Plan, which shall include a description of the actions the Board will require the Bank to take to address any deficiencies. The Board’s monthly reviews 's review and preparation of the quarterly written evaluations evaluation shall be documented in the Board meeting minutes. (7) . The Board shall forward a copy of these monthly reviews and quarterly written evaluations and Board meeting minutes to the Assistant Deputy Comptroller within ten thirty (1030) days of completion of the quarterly its written evaluationsevaluation. (8) The Board shall submit to the Assistant Deputy Comptroller annual comprehensive budgets for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.

CAPITAL PLAN. (1) Within sixty ninety (6090) days of the date of this Agreement, the Board shall develop and implement adopt an effective internal capital planning process to assess the Bank’s capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levels. Thereafter, management shall implement, and the Board shall verify, no less than annually, adherence to the capital planning process. The capital planning process shall be consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning safe and Adequacy) (June 7, 2012), sound practices and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. Refer to the “Capital and Dividends” booklet of the Comptroller’s Handbook. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently frequently, if requested appropriate, or required by the Assistant Deputy Comptroller OCC in writing. (2) Within ninety (90) days of the date of this Agreement, the Board shall forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph four (4) of this Article, a adopt an effective written Capital Plan capital plan for the Bank Bank, consistent with the Strategic Plan required by Article V, covering at least a twothree-year periodperiod (“Capital Plan”). Except as provided in paragraph three (3) of this Article, the written The Bank’s Capital Plan shall, at a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks; (c) determine the Bank’s capital needs in relation to material risks and strategic direction; (db) include specific plans for the achievement and maintenance of adequate capital, to include appropriate limits and triggers for tier 1 leverage, tier 1 risk based and total risk based capital, as well as action plans to be initiated should the capital ratios drop below established triggers; (c) identify and establish a strategy to maintain capital and strengthen capital if necessary and establish a contingency or back-up capital plan commensurate with the Bank’s overall risk and complexity; (ed) include detailed quarterly financial projections; andprojections which shall be consistent with the Strategic Plan required by Article V; (fe) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank’s capital; (f) provide for effective ongoing monitoring of the Bank’s capital position, on at least a quarterly basis, relative to established limits and triggers for all capital ratios. As part of the ongoing monitoring process, the Board and management must discuss any breaches and invoke action plans as necessary to ensure capital levels are restored; (g) require that the Board and management ensure that stress testing results are regularly reviewed and used to evaluate contingency plans for potential capital shortfalls; and (h) include a revised dividend policy, and thereafter adhere to such policy, that contains robust guidelines for dividend declaration in consideration of the Bank’s risk profile, financial performance, and capital adequacy. (3) If The Bank may declare or pay a dividend or make a capital distribution only: (a) when the Bank’s written Bank is in compliance with the Capital Plan outlines a merger adopted pursuant to paragraph (2) of the Bank, the written this Article and would remain in compliance with such Capital Plan shall only address immediately following the steps that will be taken declaration or payment of any dividend or capital distribution; and (b) when the dividend or capital distribution would comply with 12 U.S.C. §§ 56, 60 and the associated timeline to ensure that within ninety (901831o(d)(1) days after the receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the written Capital Plan, a definitive agreement for the merger is executedand 12 C.F.R. § 3.11(a)(4). (4) Prior to Upon adoption by the Board, a copy of the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s written Capital Plan at least annually and more frequently if required by the Comptroller in writing. Revisions to the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen (15) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objectionPlan, the Board shall adopt and the Bank (management, subject to Board review and ongoing monitoring) , shall immediately implement and thereafter ensure adherence to the written Capital Plan. The Board shall review the effectiveness of the Capital Plan at least annually, and any amendments more frequently if necessary or revisions theretoif required by the OCC in writing, and amend the Capital Plan as needed or directed by the OCC. (5) At least monthlyquarterly, management shall prepare, and the Board shall review detailed financial reportsreview, budget comparisons, and earnings analyses that evaluate the Bank’s performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies. (6) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the written Capital Plan, which shall include a description of the actions the Board and management will require the Bank to take to address any deficiencies. The Board’s monthly quarterly reviews and preparation of the quarterly written evaluations shall be documented in the Board meeting minutes. (7) . The Board shall forward a copy of these monthly reviews and quarterly reviews, quarterly written evaluations evaluations, and Board meeting minutes to the Assistant Deputy Comptroller within ten thirty (1030) days of completion of the quarterly written evaluationscompletion. (8) The Board shall submit to the Assistant Deputy Comptroller annual comprehensive budgets for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.

CAPITAL PLAN. (1) Within sixty (60) days of the date of this Agreement, the Board shall develop and implement an effective internal capital planning process to assess the Bank’s capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levels. The capital planning process shall be consistent with OCC Bulletin 2012-16 (16, Guidance for Evaluating Capital Planning and Adequacy) Adequacy (June 7, 2012), and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently if requested by the Assistant Deputy Comptroller in writing. (2) Within ninety (90) days of the date of this Agreement, the Board shall forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph four (4) of this Article, a written Capital Plan for the Bank Bank, consistent with the Strategic Plan pursuant to Article V of this Agreement, covering at least a two-year period. Except as provided in paragraph three (3) of this Article, the The written Capital Plan shall, at a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks, with particular attention to asset quality and earnings; (c) determine the Bank’s capital needs in relation to material risks and strategic direction; (d) identify and establish a strategy to strengthen capital if necessary and establish a contingency or back-up capital plan commensurate with the Bank’s overall risk and complexity; (e) include detailed quarterly financial projections; and (f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank’s 's capital. (3) If The Bank may declare or pay a dividend or make a capital distribution only: (a) when the Bank’s Bank is in compliance with its approved written Capital Plan outlines a merger of the Bank, the and would remain in compliance with its approved written Capital Plan shall only address immediately following the steps that will be taken and declaration or payment of any dividend or the associated timeline to ensure that within ninety capital distribution; and (90b) days after following the receipt approval of the Assistant Deputy Comptroller’s written determination of no supervisory objection Comptroller pursuant to the written Capital Plan12 C.F.R. Part 163, a definitive agreement for the merger is executed.subpart E. (4) Prior to adoption by the Board, a copy of the Bank’s 's written Capital Plan shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s 's written Capital Plan at least annually and more frequently if required by the Assistant Deputy Comptroller in writing. Revisions to the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen Within ten (1510) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection, the Board shall adopt and the Bank (subject to Board review and ongoing monitoring) shall implement and thereafter ensure adherence to the written Capital Plan and any amendments or revisions thereto. (5) At least monthlyquarterly, the Board shall shall: (a) review detailed financial reports, budget comparisons, reports and earnings analyses that evaluate the Bank’s performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and and/or nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies.; and (6b) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the written Capital Plan, which shall include a description of the actions the Board will require the Bank to take to address any deficiencies. . (c) The Board’s monthly reviews review and preparation of the quarterly written evaluations evaluation shall be documented in the Board meeting minutes. (7) . The Board shall forward a copy of these monthly reviews and quarterly written evaluations and Board meeting minutes to the Assistant Deputy Comptroller within ten (10) days of completion of the quarterly its written evaluationsevaluation. (8) The Board 6) If the OCC determines, in its sole judgment, that the Bank has failed to submit an acceptable capital program as required by paragraph (2) of this Article, or fails to implement or adhere to a capital program for which the OCC has taken no supervisory objection pursuant to paragraph (4) of this Article, then within thirty (30) days of receiving written notice from the OCC of such fact, the Bank shall develop and shall submit to the Assistant Deputy Comptroller annual comprehensive budgets OCC for each year this Agreement remains in effectits review and prior determination of no supervisory objection a capital contingency plan, which shall detail the Board’s proposal to sell or merge the Bank, or liquidate the Bank. The budget for each year After the OCC has advised the Bank that it does not take supervisory objection to the capital contingency plan, the Board shall be submitted on or before November 30 immediately implement, and shall thereafter ensure adherence to, the terms of the preceding yearcontingency plan. Failure to submit a timely, acceptable contingency plan may be deemed a violation of this Agreement, in the exercise of the OCC’s sole discretion. (7) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.

CAPITAL PLAN. (1) Within sixty one-hundred and twenty (60120) days of the date of this Agreement, the Board shall develop and implement an effective internal capital planning process to assess the Bank’s capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levelsrisks. The capital planning process shall be consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning safe and Adequacy) (June 7, 2012), sound practices and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. Refer to the “Capital and Dividends” booklet of the Comptroller’s Handbook. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently if requested by the Assistant Deputy Comptroller Director in writing. (2) Within ninety one-hundred and twenty (90120) days of the date of this Agreement, the Board shall forward submit to the Assistant Deputy Comptroller Director for his review, pursuant to paragraph four (4) review and prior written determination of this Articleno supervisory objection, a revised written Capital Plan (Capital Plan) for the Bank consistent with the Strategic Plan required by Article III, covering at least a twothree-year period. Except as provided in paragraph three (3) of this Article, the written The Capital Plan shall, shall at a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks; (cb) determine the Bank’s capital needs in relation to material risks and strategic direction; (c) include quarterly detailed financial projections of the sources and timing of additional capital to meet the Bank’s current and future needs; (d) identify the primary sources from which the Bank will strengthen its capital structure to meet the Bank’s needs; and (e) identify and establish a strategy to strengthen capital if necessary and establish a contingency or back-up plan that identifies alternative capital plan commensurate with sources should the Bank’s overall risk and complexity; primary sources identified under paragraph (e2)(d) include detailed quarterly financial projections; and (f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in of this Agreement that will have an impact on the Bank’s capitalArticle be unavailable. (3) If The Bank may declare or pay a dividend or other capital distribution only: (a) when the Bank’s written Bank is in compliance with its approved Capital Plan outlines a merger of the Bankand regulatory requirements, the written and would remain in compliance with its approved Capital Plan shall only address and regulatory capital requirements immediately following the steps that will be taken declaration or payment of any dividend or capital distribution; and (b) if the Bank is in compliance with 12 C.F.R. § 5.55, including submission of any filing and receipt of any approval by the associated timeline to ensure that within ninety OCC, as required therein; and (90c) days after following the prior written determination of no supervisory objection by the Director. (4) Immediately upon receipt of the Assistant Deputy ComptrollerDirector’s written determination of no supervisory objection to the written Capital Plan, a definitive agreement for the merger is executed. (4) Prior to adoption by the Board, a copy of the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s written Capital Plan at least annually and more frequently if required by the Comptroller in writing. Revisions to the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen (15) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection, the Board shall adopt and the Bank (management, subject to Board review and ongoing monitoring) , shall immediately implement and thereafter ensure adherence to the written Capital Plan and any amendments or revisions thereto. (5) At least monthly, the Board shall review detailed financial reports, budget comparisons, reports and earnings analyses that evaluate the Bank’s performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and and/or nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies. (6) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the written Capital Plan, which shall include a description of the actions the Board will require the Bank to take to address any deficiencies. The Board’s monthly reviews and preparation of the quarterly written evaluations shall be documented in the Board meeting minutes. (7) . The Board shall forward retain a copy of these monthly reviews and Board meeting minutes and shall forward a copy of these quarterly written evaluations and Board meeting minutes to the Assistant Deputy Comptroller Director within ten (10) days of completion of the its quarterly written evaluations. (8) The Board shall submit to the Assistant Deputy Comptroller annual comprehensive budgets for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.

CAPITAL PLAN. (1) Within sixty thirty (6030) days of the date of this Agreement, the Board shall develop and adopt, and the Bank, subject to Board review and ongoing monitoring, shall implement and thereafter adhere to an effective internal capital planning process to assess the Bank’s capital adequacy in relation to its overall risks and to ensure maintenance of appropriate capital levels. The capital planning process shall be consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning and AdequacyPlanning) (June 7, 2012), and shall ensure the integrity, objectivity, and consistency of the process through adequate governance. The Board shall document the initial capital planning process and thereafter review and document the capital planning process at least annually or more frequently if requested by the Assistant Deputy Comptroller in writing. (2) Within ninety (90) days of the date of this Agreement, the Board shall prepare and forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph four three (43) of this Article, a written Capital Plan for the Bank Bank, consistent with the Strategic Plan pursuant to Article IV, covering at least a twothree-year period. Except as provided in paragraph three (3) of this Article, the The written Capital Plan shallshall address all corrective actions related to capital planning and the Bank’s capital plan as identified in the most recent ▇▇▇ and, at a minimum: (a) include specific plans for the maintenance of adequate capital; (b) identify and evaluate all material risks; (c) determine the Bank’s capital needs in relation to material risks and strategic directiondirection consistent with the Strategic Plan pursuant to Article IV; (d) identify and establish a strategy to strengthen capital if necessary and establish a contingency or back-up capital plan commensurate with the Bank’s overall risk and complexity; (e) include detailed quarterly financial projections; and (f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank’s 's capital. (3) If the Bank’s written Capital Plan outlines a merger of the Bank, the written Capital Plan shall only address the steps that will be taken and the associated timeline to ensure that within ninety (90) days after the receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the written Capital Plan, a definitive agreement for the merger is executed. (4) Prior to adoption by the Board, a copy of the Bank’s 's written Capital Plan Plan, and any subsequent amendments, revisions, or updates, shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. The Board shall review and update the Bank’s 's written Capital Plan Plan, at least annually and more frequently if required by the Assistant Deputy Comptroller in writing, to cover the next three-year period. Revisions Subsequent amendments or revisions to the Bank’s written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting within fifteen (15) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection, the Board shall adopt and the Bank (Bank, subject to Board review and ongoing monitoring) , shall implement and thereafter ensure adherence adhere to the written Capital Plan and any amendments or revisions thereto. (54) At least monthlyquarterly, the Board shall shall: (a) review detailed financial reports, budget comparisons, reports and earnings analyses that evaluate the Bank’s performance against the goals and objectives established in the written Capital Plan, as well as the Bank’s written explanation of significant differences between the actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and and/or nonrecurring items. This review shall include a description of the actions the Board will require the Bank to take to address any deficiencies.; and (6b) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the written Capital Plan, which shall include a description of the actions the Board will require the Bank to take to address any deficiencies. The Board’s monthly reviews review and preparation of the quarterly written evaluations evaluation shall be documented in the Board meeting minutes. (7) . The Board shall forward a copy of these monthly reviews and quarterly written evaluations and Board meeting minutes to the Assistant Deputy Comptroller within ten (1030) days of completion of the quarterly its written evaluationsevaluation. (8) The Board shall submit to the Assistant Deputy Comptroller annual comprehensive budgets for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.